Federal Reserve Bank of Richmond Reviews | Glassdoor

Federal Reserve Bank of Richmond Reviews

Updated June 18, 2017
68 reviews

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3.5
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Federal Reserve Bank of Richmond Interim President and Chief Operating Officer Mark Mullinix
Mark Mullinix
1 Rating

68 Employee Reviews

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Pros
Cons
  • Not innovative due to a lot of "process" requirements and red tape (in 5 reviews)

  • However, the work / life balance is getting better and better due to the leveraging of telecommunications (in 3 reviews)

More Pros and Cons

  1. "Great Organization depending on department"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Law Enforcement Officer in Richmond, VA
    Former Employee - Senior Law Enforcement Officer in Richmond, VA
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    The Federal Reserve Bank has the best benefits on the market. The pay is excellent and they use the best technology.

    Cons

    Law Enforcement Unit - The management does not listen to their employees. They pretend to listen but never prevail. The scheduling is horrible and they always staff on the minimum level. They do not care about you as individual. If you are sick or hurt you are made to feel you have to be there or be scared you are going to lose your job.


  2. "Senior Project Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Project Manager in Richmond, VA
    Former Employee - Senior Project Manager in Richmond, VA
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Health, pension and retirement benefits are outstanding - generally superior to other employers in the area

    Cons

    Bureaucracy (established processes and procedures) can be frustrating for moving initiatives forward

    Advice to Management

    Employees tend to remain for long periods of time - this can lead to skill set shortages upon employee turnover.

  3. "Great place for stability and longevity"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Lead in Dallas, TX
    Current Employee - IT Lead in Dallas, TX
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    Great benefits, flexible work options, competitive compensation, wide variety of technical career options, flexible geographical options in the National IT organization centered in Richmond

    Cons

    Slow technology adoption rate, aging workforce, old-school management, National IT organization in transition to a Plan, Build, Run.

    Advice to Management

    Finish the process transition to PBR in National IT. Get better feedback on the district's adoption of the new National IT infrastructure strategy.


  4. "Good work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Bank Examiner in Richmond, VA
    Current Employee - Senior Bank Examiner in Richmond, VA
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 10 years)

    Pros

    Challenging, Professional, Work/Life Balance, Rewarding

    Cons

    Bureaucratic, Travel, Repetitive, limited management opportunity


  5. "A great place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Intelligent and fun people to work with,
    Strong work life balance,
    Great benefits

    Cons

    Not incredibly competitive pay scale for non-managerial roles,
    Red tape and slow processes,
    A few years behind in analytic tools

    Advice to Management

    Try to open up more to innovative ideas and approaches to problems


  6. "Lead Auditor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Lead Auditor in Richmond, VA
    Current Employee - Lead Auditor in Richmond, VA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    Work life balance, Competitive benefits, Diversity in work and workforce

    Cons

    Lots of layers of management


  7. Helpful (1)

    "Can do better"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Good health insurance and education reimbursement benefits
    Most of the staff are professional and knowledgable
    Flexible telework policies

    Cons

    Salary and promotion inequities exists in many departments
    Unless hired in a senior level or managerial role, there is a "do your time" mentality that limits promotional growth for individuals in the 1-10 years of service range; manager and senior manager roles lack racial and cultural diversity
    Management staff seem to have littel training on how to coach and develop others, many mistake a "do as I say" and "don't ask questions" style for leadership

    Advice to Management

    Consider 360 reviews or surveys to assess organizational performance
    Consider assessing salaries against current scales and contributions

  8. "Cash Statistical Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Cash Statistical Analyst in Baltimore, MD
    Former Employee - Cash Statistical Analyst in Baltimore, MD
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 10 years)

    Pros

    Good place to work, benefits, life and work balance.

    Cons

    Ability to move upward is hard because of long term management.

    Advice to Management

    Create more options for advancement for staff.


  9. Helpful (3)

    "ok could use more work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Richmond, VA
    Former Employee - Anonymous Employee in Richmond, VA
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    work is heavy loaded, always stuff that needs to be done and it feels like you can never catch up, so good in the sense that you will always have a job if you enjoy the idea of playing catch up constantly with the combination of constant churn.

    Cons

    heavy politics and not enough objectivity (if you can talk the talk and just do a mediocre job you're set for life), too much turnover due to the churn as a result of the workload in certain areas, monetary compensation is short in certain areas (benefits offset it somewhat if you're in this organization for the long haul) as a result of the amount of workload when you factor in overtime and utility per person in certain areas, no opportunities to advance in certain areas.

    Advice to Management

    for certain areas-need a more stable environment, work needs to be better balanced around, management needs to support the staff by listening to them. Promotions need to be objective and less on favoritism-management needs to do their due diligence. Diversity is also an issue in the executive management arena from a racial standpoint.


  10. Helpful (1)

    "Great benefits, but culture lacking (Supervision & Regulation department)"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Richmond, VA
    Current Employee - Anonymous Employee in Richmond, VA
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than a year)

    Pros

    Superior compensation and benefits
    Great work/life balance, ample time away
    Meaningful company mission

    Cons

    Highly political culture; "you vs. me" mentality rather than a collaborative mentality
    Extremely slow to change and adapt, held back by cultural norms and regulations
    Slow or non-existent career growth
    People aren't consistently held accountable for business results, customer service, and teamwork

    Advice to Management

    Learn to trust and empower your staff. Don't claim you're a meritocracy if you have minimum tenure expectations before considering promotions. Customer service and teamwork need to be core competencies expected at every level, and hold people accountable to them. Stop allowing groups to develop false empires that are unwilling to collaborate at the detriment of the company.


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